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Home Values and Ownership in Zip Code 45209: Cincinnati's Changing Housing Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 45209, located in Cincinnati, Ohio, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, with a general trend towards increased renting. Average home prices have shown a consistent upward trajectory, while average rent prices have also risen steadily.
The homeownership rate in zip code 45209 has fluctuated between 38% and 41% from 2013 to 2022. In 2013, the homeownership rate was 41%, which decreased to 38% by 2022. During this same period, average home prices increased substantially. In 2013, the average home price was $183,733, which rose to $351,321 by 2022, representing a 91% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 39-40%. As interest rates began to rise in 2017, reaching 1.83% by 2018, the homeownership rate remained steady at 39%. However, the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) did not correspond with an increase in homeownership, which remained at 38% during these years.
The percentage of renters in zip code 45209 has generally increased from 59% in 2013 to 60% in 2022, with some fluctuations in between. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $841, which increased to $1,060 by 2022, representing a 26% increase. The population in the zip code has also grown from 8,878 in 2013 to 9,895 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023, the average home price in zip code 45209 reached $369,321, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $389,738, while interest rates slightly rose to 5.33%. These figures indicate a continuing trend of rising home prices despite higher interest rates, which could further impact affordability and homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in zip code 45209 may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 45209 has experienced a shift towards renting, with homeownership rates decreasing slightly as average home prices have risen significantly. The area has seen consistent growth in both home values and rent prices, influenced by factors such as population growth and changing interest rates. The continuing upward trend in housing costs may further shape the demographic composition of the area in the coming years.
